• Question 1 If the ending inventory is overstated , what occurs ? ================================================= ACC 290 Week 4 Discussion Question 1
current replacement cost of $ 200 . What is the amount of loss that Simpson ’ s should report for the year ?
ACC 290 Chapter 6 Orion
• Question 1 When the terms of a sale are FOB destination , legal title to the goods passes to the buyer when the goods reach the buyer ' s place of business .
• Question 2 As a result of a thorough physical inventory , Railway Company determined that it had inventory worth $ 180,000 at December 31 , 2014 . This count did not take into consideration the following transactions :
• Question 3 Ownership passes to the buyer when the public carrier accepts the goods if the goods are shipped
• Question 4 Inventory costing methods place primary reliance on assumptions about the flow of
• Question 5 Which of the following statements is true ?
• Question 6 In a period of inflation , LIFO produces a higher net income than FIFO .
• Question 7 In a period of falling prices , which of the following methods will give the largest net income ?
• Question 8 What is the underlying rationale for the lower-of-costor-market rule ?
• Question 9 The following information came from the income statement of the Wilkens Company at December 31 , 2014 : sales revenue $ 1,800,000 ; beginning inventory $ 160,000 ; ending inventory $ 240,000 ; and gross profit $ 600,000 . What is Wilkens ' inventory turnover ratio for 2014 ?
lllustration 6-17
• Question 1 If the ending inventory is overstated , what occurs ? ================================================= ACC 290 Week 4 Discussion Question 1